The latest report by Market Research Future (MRFR) states that the global workflow management system market is slated to thrive exponentially at a CAGR OF 11% over the forecast period 2016-2022. the valuation is estimated to grow up to USD 9 billion owing to the rapid variations being witnessed in the sector of business and workflow. This enhanced technology has also been deployed by all small and medium business organizations which is expected to prove lucrative for market growth.
Drivers and Restraints
Various end use industries and businesses have started adopting and employing workflow management techniques for enhancing their operational efficiency. Thus, the growing demand of the system has created a steady competitive landscape over technological innovations in product offerings. The positive competitiveness is likely to impact the growth of the global workflow management system market over the review period.
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The system is therefore used to reduce labor expenses, business performance, improve workforce utilization, increased focus, and work optimization, and mobile applications. These are also considered as key driving factors contributing to the growth of the workforce management market substantially. By employing the system, this allows organizations to ease intricate processes on the workforce and warrant better usage of existing resources.
Moreover, the workforce management system helps managers to forecast staffing requirements accurately. Increased focus on controlled workforce has initiated the growth of the global workforce management market steadily.
On the other side, the increasing adoption of mobile devices also plays a vital role in market growth as many companies have involved mobiles in catering the needs in enhancing capabilities.
The global workforce management industry has been segmented by deployment, component, organization, and end-user.
By component, the market has segmented into solutions and services. Workflow management offers both services with a solution cater to the needs of the business. workforce analytics solutions slated for the largest market share primarily because businesses are giving high importance to the optimization of workforce outcome and the growing demand for performance management.
By deployment, the market has been bifurcated as on-premises and cloud-based deployment.
By end-users, the market segments into healthcare, BFSI, retail & e-commerce, among others.
By organization, the market comprises of SMEs and enterprises. Of these, SMEs account for the largest market share owing to the adoption of WFM solutions and technological transition. Also, the percentage is majorly due to companies are giving higher importance to improve the workflow outcome with performance management.
ON the basis of the region, the global workflow management market has been segmented into major regions namely, Asia Pacific, North America, Europe and Rest of the World.
Among these, North America accounts for the most significant standing in the market share through the foreseen years. As IT services are increasing, which is automation of a business process, this is eventually driving the demand. Including significant factors such as technological advancements, heavy internet usages are also majorly supporting the growth of the workflow management system market over the assessment period.
The Europe and the Asia Pacific regional markets are also noted as profitable regions and account for significant market shares by resonating strong market opportunities over the review period.
The key market players operating in the global workforce management market report include Oracle Corporation (U.S.), IBM Corporation (U.S.), KRONOS (U.S.), Workforce Software (U.S.), WORKDAY (U.S.), ADP LLC (U.S.), SAP AG (Europe), Infor Global Solution (India), ClickSoftware (U.S.) and others.
The global workforce management market has a highly competitive scenario. Therefore, the market players are raising their investments towards research and development projects, and marketing activities to maintain their position in the market over the review period. Furthermore, there is an expected rise in mergers, acquisitions, strategic business partnerships, and joint ventures, to uphold the competitive nature of the market in the foreseeable future.